[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":44,"_46":47,"_48":49,"_50":51,"_52":53,"_54":55,"_56":57,"_58":59,"_60":61,"_62":63,"_64":65,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},"mediaId",6241197,"mediaKeyId","3307826-674accf180c9518e3ed1170b4300adc6","parentId",3307826,"title","Wyoming Stable Token Commission outlines vendor selection, test tokens and rules; flags reserve and taxonomy questions","audioSeconds",0,"startMs",7235000,"endMs","viewUrl","/Search/View?dp=1&key=3307826-674accf180c9518e3ed1170b4300adc6&start=7235&end=7235","thumbnailUrl","https://assets.pipeline.soar.com/3307826-674accf180c9518e3ed1170b4300adc6/thumbnail_7235000.jpg","articleUrl","/articles/6241197/Wyoming/Wyoming-Stable-Token-Commission-outlines-vendor-selection-test-tokens-and-rules-flags-reserve-and-taxonomy-questions","mediaUrl","https://secure.pipeline.soar.com/6241197-9bd5c5cb48cde50f1b950d13a7fcee34/orig.mp4?Expires=1770662611&Signature=Mzi4MigCf1TmAb0clT9cItB12WdseERY2XsMORsWw2nXXKNEi3riHn9~dBiIZByH0v3dYdizwWw9Vq6KKWwtgiFnQDQAs~Kk-wbKJ6QdulkCnnlkft5cRvjvOorbN9Qa-XQU0E8YngWbfXLOnmFNSMFkMBCq51IV-smo4KGaYwnCJFGLax01Ss0LV~vjNGLQE1Lmn0zgHlkcaB6A6xn7T2hgdBVxktGQVLM06BDcsHrudZpvKRlKPRUrN-6C~oa0MS2HKzOQxYvix1llkgZNkHubf4y7oRx5TJZVcQqc81Da4ttItCL7lcEUddX5oofxGsE9jpQNXHxVybfo~sINgQ__&Key-Pair-Id=KUT5TJCACFTXG","author","Wyoming Legislature","date","2025-05-15T06:22:28Z","article","Jackson — The Wyoming Stable Token Commission briefed the Select Committee on its procurement, rulemaking and pilot testing work and urged the legislature to consider technical and statutory clarifications before a full public launch.

Anthony Apollo, executive director of the commission, told the committee the commission has completed a multi‑stage procurement process and engaged key vendors: Layer 0 Labs as token‑issuance partner and Inca Digital for on‑chain open‑source intelligence; other negotiations were ongoing and expected to be completed in the coming days. The commission said it has launched unreserved test Wyoming stable tokens on multiple testnets and is registering Wyoming individuals and domiciled entities for alpha/pilot testing.

The commission reported rulemaking progress: reserves‑management rules had been posted to the Secretary of State’s website and a 45‑day public comment period is beginning; a separate token‑treatment rule that will specify mint/redemption, interdiction triggers and other on‑chain behavior is in draft and expected to be circulated to commissioners before the end of May.

Statutory and operational issues: Apollo told members that Wyoming statute requires a minimum over‑collateralization buffer (the commission cited “2%” in statute) to back token supply. Commission staff said that if the token’s market cap grows rapidly and treasury returns decline, the commission could face a perpetual catch‑up challenge where interest income lags supply growth and the 2% target is difficult to meet. He described possible options: (1) maintain conservative permitted investments and accept slower growth, (2) add a secondary, more diversified permitted‑investment basket or (3) adopt an investment‑fund wrapper (for example, a 2a‑7‑style regulated structure) to increase near‑term yield while maintaining strict maturity and liquidity limits. Apollo said the State Treasurer’s Office has been engaged to explore options.

The commission also asked the legislature to consider updating digital‑asset taxonomy and statutory definitions. Commissioners and staff said current statutory terminology (the earlier “virtual currency” phrasing in Wyoming law) can conflate distinct asset classes and complicate policy, and they recommended a more modern, modular taxonomy so the legislature and agencies can clearly treat fiat‑backed stable tokens, commodity‑backed tokens, NFTs and other instruments differently.

Other operational notes: the commission described technical procedures to handle unsolicited on‑chain donations (the commission’s vendors proposed immediate segregation and a compliance review before any disposition), said it has hired a risk and compliance lead (Deborah Brooks), a CFO (Joseph Saldana) and a chief information security officer (Keith Lawhorn), and said it intends to use licensed service providers (LSPs) for initial distribution to retail users while the commission scales. Apollo said the commission aims to proceed aggressively with testing and, subject to test outcomes and vendor integrations, is targeting a summer launch cadence.

Questions from committee members included whether the state’s stable token could be mistaken for a central bank digital currency (CBDC). Apollo and Commissioner Flavia Nava Navez said Wyoming’s token is fiat‑backed and state‑issued under state law, and that the commission intends to be explicit that the token is not a CBDC; committee members asked the administration to consider proactive outreach to federal offices to avoid mischaracterization.

What’s next: the commission will continue vendor negotiations, document testing outcomes, receive public comment on posted rules and work with the legislature on possible statutory clarifications (taxonomy, permitted investments, interdiction standards and the commission’s 2% reserve requirement). Commissioner David Pope asked the committee to review one statutory paragraph (Wyo. Stat. § 40‑31‑106(b)) to ensure auditors and the commission interpret the 101%/102% reserve language consistently.","mediaType","Video","parentTitle","Select Committee on Blockchain, Financial Tech. & Digital Innovation Tech., May 14, 2025-AM","oneSentenceSummary","The Wyoming Stable Token Commission reported vendor selections, live test tokens on multiple testnets and a near‑term rule timetable; staff highlighted a statutory 2% reserve buffer and raised taxonomy and permitted‑investment questions the legislature may wish to address.","taxTitle","Select Committee on Blockchain, Financial Technology and Digital Innovation Technology, Select Committees & Task Force, Committees, Legislative, Wyoming","taxId",29269,"location","Wyoming","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_46":81,"_48":82,"_50":83,"_52":84,"_54":55,"_56":57,"_58":85,"_60":61,"_62":63,"_64":86,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6241202,"Federal stablecoin, market‑structure and tax work is active; Senate staff says Wyoming positions protected",232,3568000,3800000,"/Search/View?dp=1&key=3307826-674accf180c9518e3ed1170b4300adc6&start=3568&end=3800","https://assets.pipeline.soar.com/3307826-674accf180c9518e3ed1170b4300adc6/thumbnail_3568000.jpg","/articles/6241202/Wyoming/Federal-stablecoin-marketstructure-and-tax-work-is-active-Senate-staff-says-Wyoming-positions-protected","https://secure.pipeline.soar.com/6241202-9867b96a3f7bc4bd39fd4a610e88fcb4/orig.mp4?Expires=1770662611&Signature=OgW~vLu1yZNudZucd3xFDVPkJu3srAt3c0mDVK895IbUYxXib5bNNr2GELMYtkZI78VK20SyKEacjJQRoGTHHvce2HCSLTeJ9r9tmBIEx7APvjoGgYhPBZmLMybulx3JnUHbUFssN1cUfnRcWhPfKBbh4JvrLe3VYAsnAyQGryCdLdiLs8nrRzzWpE9wxbcrUnCPxbrObtJXdr8pxQvo7u9E-Raazjahb9Uo1UFo230ExeOEZAClcV33ts~Pn5eq40QudxMA3RI~cIDVuxPMtTra0ExaoSPjlJ8C9CxkFYeSd0IHZ23tCsBjl-yira-3s6XPlnoivcM6rPC4hW0Rag__&Key-Pair-Id=KUT5TJCACFTXG","Washington — Staff for the Senate Banking Committee reported May 14 that multiple high‑profile digital‑asset bills were in active negotiation and that Wyoming interests had been addressed in the current stablecoin negotiations.

Chris Land, staff director to the Senate committee working on digital assets, told the Select Committee the Senate stablecoin negotiations were in “the 5‑yard line” but that outcomes remained uncertain. He said the current negotiating text would exempt the State of Wyoming’s stable token from federal stablecoin rules “as not a governmental entity” and would resolve long‑standing regulatory issues facing Wyoming’s special purpose depository institutions (SPDIs), including money‑transmission friction and the recognition of an uninsured bank charter to issue a stablecoin.

Land said negotiators expected to turn next to market‑structure issues and that there was active work on a registration pathway for digital‑asset trading venues (exchanges) under CFTC or another federal framework. On taxation, he said the Senate’s package aimed to include digital‑asset tax relief items — for example, exemptions for mining and staking income and a de minimis transaction exemption that would exclude small gains or losses from reporting — similar to proposals worked in prior Congresses.

Why it matters: committee members focused on whether pending federal bills would require Wyoming to change the statutory structure of its stable token. Land said the current negotiating text would leave Wyoming’s state‑sponsored stable token outside the federal regime’s scope and that the draft included language favorable to Wyoming’s SPDI charter.

Land cautioned that congressional timing was fluid: both House and Senate texts were in motion and could change quickly. “It’s possible that a deal might get announced this week, and it, you know, pass the senate next week,” he said, but he also warned that nothing was certain until votes occurred. Committee members thanked Land for protecting Wyoming’s interests and asked staff to stay in coordination as federal language solidified.

No committee action was required; members asked staff to continue monitoring negotiations and to coordinate with state legal officers and Wyoming’s congressional delegation as federal text was released.","Chris Land, staff director on Senate digital assets, told the committee negotiators were close on a stablecoin bill and said drafts include protections for Wyoming’s state-sponsored stable token and SPDI charter recognition.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_46":93,"_48":94,"_50":95,"_52":96,"_54":55,"_56":57,"_58":97,"_60":61,"_62":63,"_64":98,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6241207,"Wyoming miners, utilities and committee push for interruptible tariffs as miners cite grid and rate barriers",4887,2183000,7070000,"/Search/View?dp=1&key=3307826-674accf180c9518e3ed1170b4300adc6&start=2183&end=7070","https://assets.pipeline.soar.com/3307826-674accf180c9518e3ed1170b4300adc6/thumbnail_2183000.jpg","/articles/6241207/Wyoming/Wyoming-miners-utilities-and-committee-push-for-interruptible-tariffs-as-miners-cite-grid-and-rate-barriers","https://secure.pipeline.soar.com/6241207-ed0ac299ff6521ee697d7b58941ac0e5/orig.mp4?Expires=1770662611&Signature=jw2uwI-bkWpCkJbLLeznliaBLoMcysaINZxWlICrWHvbjVXDEb1hjn4FFf2G8xXySydmBSCo21QmTtm3d6YgN8giOu6WutnxlE8IeQ4PFRX9blCngce~~bm~kjOrOTiPWpFH3eB~LgYPBX8VRgiJARMOcd1C4e1OYsA3kqb8s84N~hAI93bq-NlscegNz9hvJ1lC9-P5syntwJW8fZVTGqHg2DvI0PxEA6cJw65ryYrDbs6pDEYyVqRYE~3EVPIywKB8X7amqu1juygWXwbKcfBtJE2tyQb~djOFSm1HqVc7MJOFE5dBi2Cf7fU9J8cW73S7-M78zppNAuDbdL-fxw__&Key-Pair-Id=KUT5TJCACFTXG","Jackson — Mining operators and university researchers testified May 14 that Wyoming’s cooperative utilities and transmission arrangements are a key barrier to expanding Bitcoin mining investment and jobs in the state, and the committee voted to seek a statutory fix.

Joe Terranova, chief operating officer of 44 West Mining (Gillette), told the Senate Select Committee on Blockchain that miners in Powder River Basin face rising energy and equipment costs and an inability to secure the flexible, interruptible rate structures that have attracted investment in other states. “Bitcoin miners are uniquely positioned to positively contribute to grid balancing…given their ability to self‑regulate their deployed load with only a few minutes notice,” Terranova said, adding that the lack of suitable rate mechanics has forced reduced uptime and, he said, lower tax flows to local governments.

Terranova described operational facts: 44 West scaled from about 1 megawatt in September 2023 to 5 megawatts in early 2024; the company’s Wyoming site has capacity up to 20 megawatts but has curtailed expansion amid rate uncertainty. He said uptime has varied month to month — citing an example high month near 80% and other months near 58% — and said Wyoming firms face multi‑layer regulatory review when tariff changes require filings that go to FERC through multi‑state cooperatives.

University of Wyoming mining initiative lead Matt Skurlak described complementary university work to analyze tariff structures and to develop workforce training for mining operations, including on heat recapture, repairs and electrical operations. Kryptonite Hosting representatives said the sector already generates local revenues: site operators pay utility bills that represent millions of dollars of monthly power spending, plus sales taxes and local franchise fees. Kryptonite’s site director, Lee Feiler, and president Brian Darwell described growth from a 10‑megawatt site to contract portfolios of 60–74 megawatts and said Black Hills Energy’s 5‑minute dispatchable tariff has enabled high uptime (typically 90–96% by contract choice), which they contrasted with the co‑op frameworks that limit minute‑by‑minute dispatch.

Why it matters: the testimony framed interruptible tariff design — short notice curtailment and market dispatch integration — as a way to convert mining load into a grid flexibility resource, potentially avoiding expensive battery storage and lowering consumer rates. Mining operators said interruptible tariffs also increase local tax revenues and job creation through construction, repair and operations work.

Committee action: based on testimony, committee leaders moved to draft legislation requiring certificated power providers in Wyoming to offer interruptible tariffs as a condition of their certificated service territories. The motion was made by Chairman Roffus and seconded by Representative Feiler; the motion passed on a voice vote with one recorded no vote by Senator Naderkot.

Discussion highlights and constraints: Terranova and others told the committee that many Wyoming rural cooperatives rely on multi‑state transmission providers and that tariff design is constrained by existing FERC‑filed tariffs (Tri‑State and other transmission providers were cited). Terranova said Powder River Energy has been a constructive partner but cannot unilaterally change tariff constructs when transmission and multistate cooperative rules apply. Committee members suggested drafting a statutory requirement that would compel utilities and transmission partners to make interruptible options available or risk losing their certificated monopoly.

Economic and workforce effects: witnesses emphasized local economic benefits — on‑site technicians, repair facilities (Kryptonite said it employs more than two dozen repair technicians on‑site), construction and vendor spending — and local tax revenues (Kryptonite described paying a 6% sales tax plus 3% franchise fee to Cheyenne on power spend). Committee members asked utilities to evaluate capacity at Cheyenne and Gillette sites and noted that Cheyenne faces growing transmission demand from other large customers.

What the committee requested next: staff and relevant interim committees will coordinate to draft the interruptible tariff bill language during the interim and work with the Minerals Committee and utilities to refine statutory scope and transmission implications.","Mining operators and university researchers told committee members that co‑op and transmission structures and FERC processes limit Wyoming miners’ ability to access flexible interruptible rates used elsewhere; the select committee voted to draft legislation requiring interruptible tariffs for certificated power providers.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_46":105,"_48":106,"_50":107,"_52":108,"_54":55,"_56":57,"_58":109,"_60":61,"_62":63,"_64":110,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6241212,"University of Wyoming says its blockchain center expanded research, mining and cybersecurity work",1663,187000,1850000,"/Search/View?dp=1&key=3307826-674accf180c9518e3ed1170b4300adc6&start=187&end=1850","https://assets.pipeline.soar.com/3307826-674accf180c9518e3ed1170b4300adc6/thumbnail_187000.jpg","/articles/6241212/Wyoming/University-of-Wyoming-says-its-blockchain-center-expanded-research-mining-and-cybersecurity-work","https://secure.pipeline.soar.com/6241212-6ef5649c378e6ebd5c42c8e844f144db/orig.mp4?Expires=1770662611&Signature=YJHV3-RxJfB3YRIl-8mxJArKiwjRmnNOlrmbOBoxhyLF85VUiJ2tYD-cpF1cKcsFP7i7osRH16HrTxtK~hFSKzK1BNw-rC9jvdOLCSEbj1J1SI6-ThAbA6HrW0p31dyLXdM4Nx30O4n6~odzaYFOUogOtMruvxbCEaxUoy-J5K4LFBMwpq1whH2epS4bFWVyb55SJyPTjIkJRKPi9NXivtxFwjQHSZt2aY5lVgKgvNWqlds8hmVIRmtNa9dlKbQYkgV5K2hmsZ2F7yIYwCLXYV~grg-cZSNBGs~vd2f0Vnmg2~U4EB43OAPvu6o12n4G3vNOTp8bdVHiY51TLZnBgQ__&Key-Pair-Id=KUT5TJCACFTXG","Laramie — The University of Wyoming’s Center for Blockchain and Digital Innovation (CBDI) reported major growth and launched new research and education work at the Select Committee on Blockchain’s May 14 interim meeting in Jackson.

The center’s director, Steve Lupien, told the committee the CBDI grew “from just two people last year” to a staff of about 10, soon to be 11, and reorganized into four initiatives focused on Bitcoin mining, public–private research, a climate-chain project and esports-driven student engagement. “Wyoming’s regulatory clarity and abundant energy resources make it uniquely positioned to be a hub for responsible Bitcoin mining,” Lupien said.

Why it matters: the center’s work touches state policy (energy integration, mining practices), education pipelines and cybersecurity. Committee members pressed for follow-up work on statutory changes to modernize cyber and AI protections, and Lupien committed to producing draft redline changes for existing Wyoming statutes and other recommendations during the interim.

Most immediately, Lupien described the CBDI’s four initiative areas. The Mining Initiative is working “directly with both existing and prospective mining operations in the state to explore opportunities in research, economic development and energy integration,” he said, and identified Matt Skurlak as the initiative lead. The center’s public–private research projects include a blockchain platform to track foreign ownership of land near military installations and critical agricultural zones; CBDI said it is in dialogue with federal stakeholders and with Wyoming’s Department of Homeland Security procurement efforts.

Lupien also outlined a climate-chain effort that would use tokenized records and NFTs for carbon offsets, tax credits and supply‑chain tracking for rare‑earth minerals, and a partnership with CityX Foods to build a blockchain marketplace for Colombian commodity trading. On education, he said the center’s blockchain minor and associated courses have seen increasing enrollments, that undergraduate researcher staffing typically runs four to five researchers per project (with additional summer hires), and that the CBDI now oversees esports programming as an outreach and STEM pipeline. Lupien said CBDI’s on‑campus reach including clubs and tournaments touches “well over 200, I would say, probably close to touching 300 students,” with broader esports participation at “5 or 600” participants across events.

Committee questions centered on graduate and undergraduate research staffing and on whether the climate-chain concepts have viable markets and credible exchanges. Lupien said the NFT‑based offset market is “growing and developing” but has had “its share of scammers,” and that CBDI is researching credible exchanges and will report back. On graduate research, he said the center is funding a small number of graduate students (cybersecurity and agriculture projects) and is working with university leadership to build more graduate‑level programs.

On cybersecurity and AI policy, Lupien told the committee he is coordinating with Cyber Wyoming and other partners and expects to present statutory markups and recommendations to Legislative Service Office (LSO) within the next month; committee leaders asked that those be prepared as redline changes the committee could use to consider bills at upcoming interim meetings. “We already have a team…we are presently working on the cybersecurity aspect of it,” Lupien said, and agreed to provide markups and draft recommendations for the committee’s next meeting in Casper.

Director Lupien also described CBDI’s fundraising and partnership progress, naming industry partners such as IOG, Ripple and Aleo, and said the center has renewed relationships with multiple Bitcoin mining companies. He announced test and planning work for the eighth annual UW Blockchain StMP event to align with the committee’s Laramie meeting.

What’s next: the committee directed CBDI to deliver cybersecurity and AI draft statutory language to LSO and to present those recommendations at the Casper interim meeting, and staff said they will work with the center to begin bill drafting if the commission’s recommendations warrant it.","University of Wyoming’s Center for Blockchain and Digital Innovation told the Senate Select Committee it has grown its team, is pursuing university-led Bitcoin mining research and is preparing cybersecurity and AI-related statutory recommendations for the interim.","actionData","errors"]

Article not found

Wyoming Stable Token Commission outlines vendor selection, test tokens and rules; flags reserve and taxonomy questions

Federal stablecoin, market‑structure and tax work is active; Senate staff says Wyoming positions protected

Wyoming miners, utilities and committee push for interruptible tariffs as miners cite grid and rate barriers

University of Wyoming says its blockchain center expanded research, mining and cybersecurity work